9637-05 Pledging the use of revenues for repayment of a section 108 loan

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nominee pursuant to the terms of the Application and the Obligation. The Obligation shall be dated as of the date of its issuance. The Obligation shall mature on a date not later than 25 years from the date of original issuance thereof and shall bear interest at rate or rates not to exceed such rates as maybe determined by the terms of the Application and of the Obligation. The Obligation may be redeemed by the City in whole or in part, upon 14 days notice as provided in the Obligation at the purchase price of 100 % of the outstanding principal amount to be redeemed, plus accrued interest thereon to the date of redemption and without premium. 3. The Clerk of the City is hereby appointed as Registrar (the "Registrar") for the Obligation and is hereby charged with the responsibility for authenticating the Obligation. The Registrar shall keep and maintain at his principal office books for the registration of the Obligation. The Obligation shall be transferable or exchangeable only upon the bond register by the registered owner thereof in person, or by his attorney duly authorized in writing, upon surrender of such Obligation together with a written statement of transfer or exchange satisfactory to the Registrar duly executed by the registered owner, or his attorney duly authorized in writing, and thereupon a new fully registered Obligation in the same aggregate principal amount and of the same maturity shall be executed and delivered in the name of the transferee or transferees to the registered owner, as the case maybe, and in exchange therefor. 4. The Obligation to be issued by the City to evidence the Section 108 Loan shall be secured by the pledge of the CRED revenues and the TIF. On behalf of the City, the Common Council hereby agrees to apply the funds TIF pledged by the Redevelopment Commission and the CRED pledged by the Advisory Commission to the payment of the principal of and interest on the Obligation when due. 5. The Mayor and the Clerk of the City are hereby authorized and directed to execute, attest and deliver and the Clerk is hereby authorized to affix the seal on, when and if appropriate, the Obligation together with any documents, instruments or certificates they deem necessary or appropriate upon the advice of counsel to complete the transactions contemplated herein. The Obligation shall be executed in the name of the City by the manual or facsimile signature of the Mayor of the City and attested by the manual or facsimile signature of the Clerk of the City, who shall cause the official seal of the City to be impressed or a facsimile thereof to be printed on the Obligation. Subject to the provisions for registration, the Obligation shall be negotiable under the laws of the State of Indiana. 6. This Ordinance shall be in full force and effect from and after passage by the Common Council and approval by the Mayor and shall not be repealed or amended in any manner which would serve to adversely affect the Section 108 Loan, the issuance of the obligation or the funds identified herein which have been pledged for the payment of principal of and interest on the Section 108 Loan. BDDBOI 4224876v2 - 2 -